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Roelof Botha: Sequoia’s choice of leader shows shift in balance of power

When information broke this week that Roelof Botha was slipping into the highest job at Sequoia Capital, it got here with the low-key inevitability that has turn out to be an indicator of what’s thought-about by many to be Silicon Valley’s high enterprise capital agency.
That the 48-year-old South African, who was already head of Sequoia’s US and European funds, had additionally assumed world management was a shock to nobody. The formal determination amongst companions was settled inside half-hour, mentioned Doug Leone, the outgoing head.
However for Silicon Valley Kremlinologists, there was nonetheless loads to chew on. Botha was named Sequoia’s “senior steward”, dropping the “world managing companion” title that had all the time gone with the job.
Leone dismissed this variation as a easy “tidying up”, however one other insider confirmed that it’s a signal that, behind the scenes, Sequoia has been adjusting to a brand new world energy steadiness. Today, the individuals working Sequoia’s newer funds in different areas have equal standing — particularly China, the place native head Neil Shen has constructed Sequoia into the nation’s main enterprise investor, successful him recognition because the agency’s solely different “steward”.
Botha can have specific duty for world operations akin to finance and compliance. Past a unfastened settlement for the brand new chief to set “the general tone” for the agency, nonetheless, Silicon Valley doesn’t name any of the photographs.
Botha, just like the agency he heads, tasks an air of self-effacing competence. At a time when Twitter has turn out to be a spot for star enterprise buyers to tout their experience and settle scores, he impacts the sort of old style probity you may as soon as have anticipated from a company banker.
A grandson of Roelof “Pik” Botha, the final overseas secretary below South Africa’s Apartheid regime and later a member of Nelson Mandela’s first authorities, Botha says he all the time “felt a burden of expectation to stay as much as the title”. After he was awarded the best marks in his province for his highschool finals, Botha says he overheard individuals speculating about whether or not the outcomes have been rigged.
The sting remains to be there. “I’ve been pushed to show that I can do it by myself, and I didn’t ever need to stay within the shadow of any individual else,” he mentioned.
Speak to individuals who know him, and they’re prone to point out his humility. He has a self-effacing chuckle that he makes use of to deflect an excessive amount of private consideration. Nevertheless it masks a fierce competitiveness.
Unprompted, he brings up that he got here high in his college undergraduate class in South Africa “with the very best grades in historical past”, set a file on his early profession path as “the youngest actuary within the historical past of the nation”, and got here high in his class at Stanford College’s Graduate College of Enterprise. “I’m fairly positive my grandfather had no hand in my grades to be valedictorian.”
Botha selected a route out of South Africa when he left highschool, involved that the top of Apartheid would result in political chaos, maybe even civil battle. Changing into an actuary, with a qualification recognised within the UK, regarded like an insurance coverage plan.
Within the occasion, he spent two years at McKinsey earlier than transferring to California to check at Stanford, by no means to look again. Elon Musk pursued him to affix PayPal and he signed on as head of company improvement in 2000, earlier than transferring as much as turn out to be chief monetary officer a yr later. A yr after that, PayPal was bought to eBay and a short while later, Botha joined Sequoia.
Entrepreneurs who’ve labored with Botha listing his robust monetary and strategic sense as helpful belongings for younger corporations that always lack each. Sarah Friar, a former chief monetary officer of finance firm Sq., factors to his “mental horsepower”. Phil Libin, a former CEO of Evernote, praises his “sample recognition” — expertise constructed up from years of learning totally different companies
Behind the scenes, Botha is clearly not averse to wielding extra direct affect. He claims to have been influential in getting Sq., lately renamed Block, to maneuver into shopper finance. Its Money app now claims 44mn customers.
When the state of affairs calls for, he’s additionally prepared to assist steer founders apart to make room for extra skilled administration — a troublesome balancing act in Silicon Valley, the place VC corporations compete to be seen as probably the most founder-friendly.
“When this stuff occur, it’s with consent and settlement that it’s within the firm’s finest curiosity,” he insists. “It’s not a coup.”
A few of Botha’s most notable investments got here early, although the returns weren’t as spectacular as they may have been. They included YouTube, which bought out to Google for $1.65bn, and Instagram, which was purchased by Fb for $715mn.
Together with PayPal, which was purchased by eBay for $1.5bn, Botha says these offers have been a “painful lesson” in promoting out too quickly. He provides: “I’d say, with the good thing about hindsight, all three would have been higher off as unbiased corporations.”
It’s no shock, then, that Sequoia as of late typically sits on the inventory of corporations it has backed effectively after they’ve gone public (it places its public inventory holdings at $45bn late final yr.) Botha was additionally the brains behind a plan final yr to create a extra everlasting construction to accommodate capital for the agency, eradicating the necessity to promote out when its funds expire.
Such changes may counsel that Sequoia is on the point of extra profound change, notably because the flood of cash washing over Silicon Valley and the incursion of outsiders like SoftBank and Tiger International have introduced new competitors to the VC trade.
Botha, nonetheless, suggests Sequoia will persist with the extra gradual evolution that has seen it by means of earlier tech and monetary cycles.
He shortly rejects any suggestion that the agency would contemplate going public, as different personal fairness corporations have. “To the extent potential, throughout the limits of the regulation, we’ve structured ourselves to be a partnership in perpetuity,” he says.
He additionally rebuffs the concept that Sequoia is morphing into a special kind of monetary establishment — maybe one to rival Wall Avenue’s funding banks — because it seeks a extra enduring function within the lives of the businesses it helped create. As an alternative, he anchors it firmly within the start-up world the place it originated — even when it hopes to remain near the entrepreneurs it has backed for much longer.
This story has been amended to make clear the decision-making function of Sequoia’s US arm

News
SCOTUS allows dismantling of Education Dept. And, Trump threatens Russia with tariffs

Good morning. You’re reading the Up First newsletter. Subscribe here to get it delivered to your inbox, and listen to the Up First podcast for all the news you need to start your day.
Today’s top stories
The U.S. Supreme Court ruled yesterday that it will allow the Trump administration to resume dismantling the U.S. Department of Education. The Court overruled a lower court that temporarily paused massive cuts at the department. Congress created the department by law and President Trump promised to shut it down without any change in that law, which is why opponents sued.
The Washington, D.C., headquarters of the U.S. Department of Education shown in March.
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Win McNamee/Getty Images North America
- 🎧 The court’s decision now means that roughly 1,400 Education Department workers will lose their jobs, NPR’s Cory Turner tells Up First. The work that those employees did, including helping local schools support kids with disabilities and children living in poverty, may also cease. The ruling isn’t the final word as the case continues to work its way through lower courts. The plaintiffs’ concern is that by the time they get a final ruling in court, it might not matter, as the harm to the department could be irreversible, Turner stated.
Some Trump supporters over the weekend were surprised when he urged them to move on from the Epstein files. The Justice Department and the FBI released a two-page memo last week stating they found no evidence to support conspiracy theories about the life and death of disgraced financier and convicted sex trafficker Jeffrey Epstein. They stated he really did kill himself in jail in 2019 and left no client list. This comes after Attorney General Pam Bondi previously said on Fox News that she had the list on her desk.
- 🎧 Heading into the last election, a central concept of Trump’s MAGA ideology was the belief that there was a deep state cabal of shadowy figures protecting pedophiles and unsavory people running the government and obstructing Trump’s agenda, says NPR’s Stephen Fowler. Now, Trump has a baseless theory about the files, suggesting Democrats created them to target him. Fowler says it is uncertain if Trump’s shift on the topic has hurt his favorability with his supporters, but it does reiterate the stranglehold the president has on the shape and direction of the GOP.
Trump yesterday threatened to implement heavy tariffs on countries that trade with Moscow if the Kremlin doesn’t reach a ceasefire deal with Ukraine by September. The president also promised Ukraine billions of dollars worth of U.S.-made military equipment, which NATO countries in Europe will pay for.
- 🎧 NPR’s Charles Maynes says the president’s change of tone on Russia was quite a shift. A big driver in this shift is Trump’s frustration with and even a sense of betrayal by Russian President Vladimir Putin. The president said he thought he had a peace deal with Putin four separate times, only to see Russian attacks in Ukraine continue. Some in Moscow see the 50-day grace period provided for the ceasefire as a sign that Trump isn’t ready to give up on Russia.
Living better

Frank Frost found camaraderie in a cycling group in the U.K. that his doctor recommended he try. They call themselves the “Chain Gang” and members look after each other, he said. “We’re all of a certain age,” says Frost. ” We don’t leave anybody.”
Frank Frost
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Frank Frost
Living Better is a special series about what it takes to stay healthy in America.
Doctors are writing “social prescriptions” to get people engaged with nature, art, exercise and volunteering in the same way they would prescribe pills or therapy. Research has shown it can help with mental health, chronic disease and dementia. The method worked for Frank Frost. He gained weight and was diagnosed with Type 2 diabetes in his 50s. A doctor found out he used to love riding a bike as a kid and gave him a prescription for a 10-week cycling course for adults getting back into cycling. The prescription led to Frost developing friends, losing 100 pounds and getting his diabetes under control. Julia Hotz, the author of The Connection Cure: The Prescriptive Power of Movement, Nature, Art, Service, and Belonging, shares details on the health approach:
- 🚲 Health providers in around 30 countries are practicing social prescribing to address symptoms of Type 2 diabetes, chronic pain, dementia, attention deficit hyperactivity disorder, anxiety and depression, and more. A growing number of U.S. providers are also embracing the approach.
- 🚲 Social prescribing can save money due to a reduction in emergency room visits and repeat visits to primary care physicians. Health care systems have acknowledged that it can be cheaper to cover weeks of Zumba classes than medication over the course of a lifetime.
- 🚲 People interested in social prescribing can visit the map on Social Prescribing USA’s website to find a list of organizations and health systems involved in this practice.
Picture show

Evelyn del Rosario Morán Cojoc, an artist from Guatemala, creates a mural that depicts traditional foods from her Mayan culture — like that floating ear of corn and three yellow beans. She teaches art to kids across the country, encouraging them to depict their indigenous traditions.
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Ben de la Cruz/NPR
The theme of this year’s Smithsonian Folklife Festival in Washington, D.C., was youth and the future of culture. The event showcased a diverse range of talent. A 26-year-old Bolivian rapper infused his unique style into Spanish hip-hop by incorporating words from his father’s indigenous language. Two refugee weavers made a traditional bag as they work to revitalize their ancient art form. A Guatemalan artist created a mural that highlights her Mayan culture. A Mexican American dad and his two daughters demonstrated techniques for shaping a guitar passed down from their great-grandfather. The Goats and Soda team sat down with the four ensembles to talk about their craft, the youth they mentor and the cultural traditions they’re keeping alive. Read what they had to say and see photos of their craft.
3 things to know before you go

Andrew Cuomo speaks during an election party following the primaries at the Carpenters Union in New York City on June 24, 2025.
John Lamparski/AFP via Getty Images
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John Lamparski/AFP via Getty Images
- Former New York Gov. Andrew Cuomo announced yesterday that he is relaunching his campaign for New York City mayor, this time as an independent candidate. (via Gothamist)
- South African President Cyril Ramaphosa has suspended his police minister after serious allegations linking him to organized crime.
- Los Angeles is now three years away from the Olympic Games, and to commemorate the occasion, organizers yesterday released a preview of the competition schedule. (via LAist)
This newsletter was edited by Suzanne Nuyen.
News
Trump does deal with Nato allies to arm Ukraine and warns Russia of severe sanctions

Donald Trump said he has sealed an agreement with Nato allies that will lead to large-scale arms deliveries to Ukraine, including Patriot missiles, and warned Russia that it will face severe sanctions if Moscow does not make peace within 50 days.
After a meeting with the Nato secretary general, Mark Rutte, Trump said they had agreed “a very big deal”, in which “billions of dollars’ worth of military equipment is going to be purchased from the United States, going to Nato … And that’s going to be quickly distributed to the battlefield.”
Speaking in the White House alongside a clearly delighted Rutte, the US president said the arms deliveries would be comprehensive and would include the Patriot missile batteries that Ukraine desperately needs for its air defences against a daily Russian aerial onslaught.
“It’s everything: it’s Patriots. It’s all of them. It’s a full complement, with the batteries,” Trump said.
He did not go into any more detail, but made clear the weapons would be entirely paid for by Washington’s European allies, and that initial missile deliveries would come “within days” from European stocks, on the understanding they would be replenished with US supplies.
At a White House lunch with religious leaders later in the day, Trump said the deal was “fully approved, fully done”.
“We’ll send them a lot of weapons of all kinds and they’re going to deliver those weapons immediately … and they’re going to pay,” he said.
At his meeting with Trump, Rutte said there was a significant number of Nato allies – including Germany, Finland, Denmark, Sweden, Norway, the Netherlands and Canada – ready to rearm Ukraine as part of the deal.
“They all want to be part of this. And this is only the first wave. There will be more,” he said.
The German chancellor, Friedrich Merz, said last week that Berlin was ready to acquire additional Patriot systems.
Trump claimed there was one country, which he did not name, but which had “17 Patriots getting ready to be shipped”. Monday’s deal would include that stockpile, or “a big portion of the 17”, he said.
Such an arms delivery would represent a significant reinforcement of Ukraine’s air defences. Kyiv is currently thought to have only six Patriot batteries, at a time when it is coming under frequent and intense Russian drone and missile bombardments.
At the same time, Trump expressed increased frustration with Vladimir Putin, whom he accused of giving the impression of pursuing peace while intensifying attacks on Ukrainian cities. He gave the Russian president a new deadline of 50 days to end the fighting or face 100% tariffs on Russian goods, and more importantly, sweeping “secondary tariffs”, suggesting trade sanctions would be imposed on countries who continue to pay for Russian oil and other commodities.
“The secondary tariffs are very, very powerful,” the president said.
The announcement marked a dramatic change for the administration, both in substance and tone.
The Trump White House had not only made clear it would continue its predecessor’s policy of continuing to supply Ukraine out of US stocks, but the president and his top officials have been derisive about Kyiv’s chances of prevailing.
On Monday, Trump delivered his most admiring language on Ukraine and its European backers to date, with Rutte on one side and the US vice-president, JD Vance, the administration’s biggest sceptic on US involvement in Europe, on the other.
“They fought with tremendous courage, and they continue to fight with tremendous courage,” Trump said of the Ukrainians.
“Europe has a lot of spirit for this war,” he said, suggesting he had been taken by surprise by the level of commitment shown by European allies at the Nato summit in The Hague last month. “The level of esprit de corps spirit that they have is amazing,” he said. “They really think it’s very, very important.
“Having a strong Europe is a very good thing. It’s a very good thing. So I’m okay with it,” he said.
Trump described his deepening disillusion with Putin, and suggested his wife, Melania, may have played a role in pointing out the Russian leader’s duplicity in talks over a peace deal.
“My conversations with him are always very pleasant. I say, isn’t that a very lovely conversation? And then the missiles go off that night,” Trump said. “I go home, I tell the first lady: I spoke with Vladimir today. We had a wonderful conversation. She said: Really? Another city was just hit.”
Ukrainian regional officials reported at least six civilians killed and 30 injured by Russian bombing in the past 24 hours. The country’s air force said Moscow had attacked with 136 drones and four S-300 or S-400 missiles.
“Look, I don’t want to say he’s an assassin, but he’s a tough guy. It’s been proven over the years. He’s fooled a lot of people,” Trump said, listing his predecessors in the White House.
“He didn’t fool me. But what I do say is that at a certain point, ultimately talk doesn’t talk. It’s got to be action,” he said.
Russian officials and pro-war bloggers on Monday largely shrugged off Trump’s announcement, declaring it to be less significant than anticipated.
Konstantin Kosachev, a senior Russian lawmaker, wrote on Telegram that it amounted to “hot air”.
It was broadly welcomed in Kyiv, where there has been longstanding and deep anxiety about Trump’s intentions. Andrii Kovalenko, a member of Ukraine’s national security and defence council, posted a one-word response: “Cool.”
There was still scepticism however, over whether even the promise of new weaponry for Ukraine combined with the threat of trade sanctions would be enough to halt Russia’s offensive.
Illia Ponomarenko, a Ukrainian journalist and blogger wrote: “How many Ukrainian lives could have been saved if, from the very beginning, Trump had listened to wise and honest people about helping Ukraine, instead of the artful lies of that cannibal Putin on the phone?”.
News
Senate committee details failures by Secret Service in preventing Trump shooting

Then-candidate Donald Trump is rushed offstage by U.S. Secret Service agents after being struck by a bullet during a rally on July 13, 2024, in Butler, Pa.
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A Senate committee report released Sunday blames the U.S. Secret Service for a “cascade of preventable failures” that led up to the assassination attempt against then-presidential candidate Donald Trump during a rally in Butler, Pa., last summer.
Trump was injured in the shooting when a bullet whizzed past his head, grazing his ear. Two attendees were wounded, and rally-goer and former fire chief Corey Comperatore was killed.
A Secret Service sniper shot and killed the perpetrator, 20-year-old Thomas Matthew Crooks of Bethel Park, Pa.

In its report, the Senate Homeland Security and Governmental Affairs Committee said the Secret Service’s “lack of structured communication was likely the greatest contributor to the failures” on the day of the rally. The report was released by the committee’s chairman, Sen. Rand Paul, R-Ky.
For instance, the Secret Service security room agent, who is responsible for collecting and disseminating information, learned about a suspicious person with a rangefinder from a counterpart in the Pennsylvania State Police roughly 25 minutes before the shooting. That agent relayed the report to a fellow Secret Service agent in the room, but the information did not go out over the radio or make it to Trump’s security detail in time for them to prevent him from taking the stage.
There were communication gaps both within the Secret Service hierarchy, and also among the agency and the state and federal law enforcement agencies on scene, the committee said.
There were organizational mistakes, too. The committee noted that one of the Secret Service countersniper teams protecting Trump at the Butler rally had an obstructed view of the roof of the nearby American Glass Research building where Crooks was located.
The report, released one year to the day after the shooting, also found that the Secret Service had denied some resources to Trump’s detail during the 2024 presidential election and said former Secret Service Director Kimberly Cheatle had falsely testified to Congress when she said no requests were denied for the Butler rally.

In a statement on Sunday, Secret Service Director Sean Curran said the agency “took a serious look at our operations” following last year’s shooting and “implemented substantive reforms to address the failures that occurred that day.”
The agency announced last week that it had put in place 21 of 46 recommendations made by congressional oversight bodies, including streamlining communication procedures and clarifying the responsibilities of advance teams.
The Secret Service also said it had disciplined six employees in relation to the Butler shooting, with suspensions ranging from 10 to 42 days without pay. Still, the committee said in its report that “not a single person has been fired.”
Curran, who was one of the agents who surrounded Trump as shots were fired in Butler, added in his statement that the Secret Service will “continue to work cooperatively with the committee as we move forward in our mission.”
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